| 09/26/2018 |
Yes |
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- Applying for a mortgage or refinancing an existing mortgage
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Web |
Servicemember |
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Transparency in their Marketing Material - Bait & Switch.
Sent me a piece of mail on XX/XX/XXXX with the caption - Escrow Refund Benefit Allotment Notice.
I assumed my escrow had extra funds in it and i was going to get a check back from them. It tells me about " Your Economic Benefit '' and that this is a VA-1211 Benefit Allotment Notice.
It tells me that my new payment has been calculated to {$1300.00} and that i needed to call them to reserve this figure.
Then in big black letters it tells me i have an " EST. ESCROW REFUND AMOUNT : {$3200.00} ''.
So i call the number to see what's up, no one picks up - so i hang up and within 30s i get a text from a guy named XXXX XXXX NMLS 237073 ( only reason i know this is because he took a picture of his business card and texted it to me ).
While i was reading his text, i look back over the mailer because something didn't seem right and started reading the super small fine print, which was a whole 3 lines ... and it tells me that they this is not a refund of any sort, but that they would change my loan to a 2.75 % 3 year ARM ... XXXX would i want an Adjustable loan? I have a 25yr Fixed rate loan at 4.25 % ... and XXXX would they tell me I have an Refund but then turn around and try to refinance me?
Companies like this who blatantly target veterans should be taken out back and put down.
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| 11/01/2017 |
Yes |
- Mortgage
- Other type of mortgage
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- Applying for a mortgage or refinancing an existing mortgage
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Web |
Servicemember |
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I received a very deceitful mailer for a VA loan from a private company, Hypotec. It had the following features which would lead a reasonable person to conclude that this was not an advertisement : - The outside of the mailer opens like a check ( having to rip the tabs off the side ) - The outside says " Escrow Refund Benefit Allotment Notice '', leading one to believe there is a refund check enclosed - Inside, the document is nomenclatured as " VA-1211 '', like an official government VA form - Inside, header in big bold letters reads " UNDERSTANDING YOUR VA BENEFIT STATEMENT '' - Inside, phrases like " Your Economic Benefit '', " Benefit Allotment Notice '' and " Beneficiary '' are used in bold - Other features of VA official mailers are also used, such as notice numbers and notice dates in bold at the top - Disclaimer information in the letter is many times smaller than the rest of the associated font Any one of the features, in and of itself, is not fraudulent. However, together they show a clear intent to mislead Veterans into believing that they have received some sort of official communication. Veterans are often waiting desperately on official communications from the backlogged VA for basic medical needs and financial security. This type of advertising is cruel and predatory.
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| 06/27/2017 |
Yes |
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- Applying for a mortgage or refinancing an existing mortgage
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Web |
Servicemember |
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I received a unsolicited loan offer in the mail. I immediately opened it because it looked like something form the government and I was alarmed. After reviewing the letter, it took me several minutes to figure out who it was from. Secondly, there is no term. Thirdly, it says I am entitled to an escrow refund, but if they refund it to me and start a new escrow account wont they be essentially financing that for how many years the term is? This is very deceptive marketing and these people should be looked in to in XXXX Florida. Finally, my mortgage company is n't XXXX XXXX.
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| 04/10/2019 |
Yes |
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- Applying for a mortgage or refinancing an existing mortgage
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Web |
Servicemember |
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Im getting misleading VA loan advertisements in the mail. I happen to be a XXXX XXXX and take offense at these deceptive practices by second tier lenders. They are targeting an at risk population ( Veterans ). Please look into this. Thank you, XXXX XXXX XXXX XXXX
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| 09/13/2018 |
Yes |
- Mortgage
- Home equity loan or line of credit (HELOC)
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- Applying for a mortgage or refinancing an existing mortgage
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Web |
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| 04/09/2018 |
Yes |
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- Applying for a mortgage or refinancing an existing mortgage
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Web |
Servicemember |
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